If Current Assets are $90,000, Property and Equipment is $120,000, Current Liabilities are $24,000, and Long-Term Liabilities are $106,000, the current ratio is a. 3.75 to 1. b. 1.13 to 1. c. 0.85 to 1. O d. 5 to 1. O e. 8.75 to 1. 2 pts Question 37 Because adjusting entries are recorded on a work sheet, they do not need to be journalized or posted. True False A special fund maintained to pay relatively small amounts for expenses, assets, or withdrawals is called a Petty Cash Fund True False Question 39 2 pts The number of exemptions claimed on a W-4 form helps to determine the federal income tax withholding. True False 2 pts Question 40 A reversing entry must be made for each adjusting entry. True False